Property Type

Yumbrella Food Hall Opens at The Shops at Sunset Place in South Miami

by Alex Tostado March 20, 2019

SOUTH MIAMI, FLA. — Yumbrella Food Hall is now open at The Shops at Sunset Place in South Miami. Led by food truck organizer and restaurateur Steve Simon, Yumbrella is the only food hall in the city, paying homage to Miami’s original food hall, which opened in the 1970s by the same name. The 6,500-square-foot hall features seven restaurant concepts ranging from Chinese to soul food, Italian, Latin, American and German fare. Confirmed food hall vendors include Cracked by Chef Adrianne, Dr. Limon Express, Killer Melts, NOODS, King of Racks BBQ, The Tonic and The Beverly. Amenities include a shared kitchen, full bar, stage for musical performances and a private room for events. The Shops at Sunset Place has been owned and operated by Federal Realty Investment Trust, Grass River Property and The Comras Co. since 2015. Other tenants at The Shops at Sunset Place include AMC Theatres, LA Fitness, Tea & Poets, Splitsville and Z-Gallerie.

March 20, 2019

Acquisitions Florida Office Southeast

Grover Corlew Purchases Office Center in South Florida for $32.5M

by Alex Tostado March 20, 2019

DEERFIELD BEACH, FLA. — Grover Corlew, a real estate investment management group, has purchased Hillsboro Center, a five-building, 216,101-square-foot office park in Deerfield Beach for $32.5 million. Hillsboro Center includes a six-story, 116,250-square-foot office building and four two-story office buildings totaling 99,851 square feet. The asset is situated at 600 and 700 Hillsboro Blvd. in South Florida’s Broward County. Hillsboro Center was 90 percent leased at the time of the sale to tenants such as Dart Container Corp., Humana and Old Republic National Title Co. Amenities include onsite management and security teams, landscaped walkways, courtyard sitting areas, a tranquil pond, waterfalls and an on-site café. Cushman & Wakefield represented the undisclosed seller in the transaction.

March 20, 2019

Acquisitions Industrial Southeast Tennessee

Fortress, Sansone Group Acquire Industrial Facility in Metro Nashville for $23.6M

by Alex Tostado March 20, 2019

MT. JULIET, TENN. — Fortress Investment Group LLC and Sansone Group have acquired a 709,651-square-foot industrial building in Mt. Juliet for $23.6 million. The property is located along Interstate 840 at 245 Couchville Industrial Blvd., about 32 miles east of downtown Nashville. The buyers also finalized a five-year, more than 237,000-square-foot lease with Superior 3rd Party Logistics Inc. The asset underwent a multimillion-dollar capital improvement project completed in 2018. Terry Smith and Max Smith of Colliers International will handle leasing efforts for the new ownership.

March 20, 2019

Development Georgia Retail Southeast

RPC to Build Publix-Anchored Shopping Center Near Atlanta

by Alex Tostado March 20, 2019

CUMMING, GA. — Retail Planning Corp. (RPC) will break ground on The Publix at Matt shopping center in Cumming. Publix will anchor the 82,000-square-foot center, with other signed leases including Great Clips, AT&T, J. Christopher’s and Nail Talk & Tan. The property will be situated at the corner of Bannister Road and Matt Highway, about 48 miles north of downtown Atlanta. RPC expects to deliver the shopping center in summer 2020.

March 20, 2019

Acquisitions Industrial Massachusetts Northeast Self-Storage

Burgess Properties Arranges $25M Sale of Self-Storage Facility in Suburban Boston

by David Cohen March 20, 2019

MEDFORD, MASS. — Burgess Properties has arranged the $25 million sale of a 287,570-square-foot industrial facility in Medford. Located at 970 Fellsway, the seven-acre property was the former longtime home of Medford Self Storage. Steve Nohrden of Burgess Properties represented both the buyer, The Davis Cos., and the seller, Fellsway Realty, in the transaction. The Davis Cos. plans to invest capital into the multi-tenanted facility, which dates back to the early 1900s.

March 20, 2019

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $11.7M Sale of Shopping Center in Manalapan

by David Cohen March 20, 2019

MANALAPAN, N.J. — Marcus & Millichap has brokered the $11.7 million sale of Tennent 9 Shopping Center in Manalapan. Located at 700 Tennent Road, the 60,000-square-foot center is anchored by NetCost Supermarkets, a European specialty supermarket. The remaining 10 units are leased to a mix of local and regional business, along with a Rite-Aid pharmacy. Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

March 20, 2019

Acquisitions Multifamily New Hampshire Northeast Seniors Housing

Blueprint Negotiates Sale of Assisted Living Community in New Hampshire

by David Cohen March 20, 2019

DOVER, N.H. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Wadleigh House, an assisted living community in Dover, near the Maine border. The buyer was a local operator and developer seeking to refurbish and expand the property. The price was not disclosed. The community offers a bed-and-breakfast atmosphere in a converted historic colonial home. The deal was negotiated as a sale-leaseback, offering a path to retirement for the husband-and-wife seller. The seller will remain as operator under a lease until the development project is completed, at which time operations will transfer to the new real estate owner. The transaction team consisted of Steve Thomes with special assistance from Adam Sherman of Live Oak Bank, a former Blueprint team member.

March 20, 2019

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Orchestrates $1.9M Sale of Multifamily Building in Manhattan

by David Cohen March 20, 2019

NEW YORK CITY — Cushman & Wakefield has arranged the $1.9 million sale of a four-unit multifamily building in the NoLita neighborhood of Manhattan. Located at 172 Elizabeth St., the 2,700-square-foot property also includes a retail store on the ground floor. Robert Burton and Bobby Carrozzo of Cushman & Wakefield represented the seller, the estate of Russell Kolody, in the transaction. The buyer was David Zahabian.

March 20, 2019

Loans Multifamily New Jersey Northeast

Arbor Realty Trust Secures $1.5M Refinancing for Multifamily Property in Newark

by David Cohen March 20, 2019

NEWARK, N.J. — Arbor Realty Trust has arranged a $1.5 million loan to refinance an 18-unit multifamily property in Newark. Located at 21-25 Willoughby St., the building was originally constructed in 1920 and renovated in 2018. Geoffrey Platt of Arbor secured the financing on behalf of the undisclosed borrower through Freddie Mac. The 10-year, fixed-rate loan includes three years of interest-only payments with a 30-year amortization schedule.

March 20, 2019

Acquisitions California Office Western

BioMed Realty Acquires Emeryville Center for Innovation in Bay Area for $135M

by Amy Works March 20, 2019

EMERYVILLE, CALIF. — BioMed Realty, a Blackstone portfolio company, has purchased Emeryville Center for Innovation from an undisclosed seller for $135 million. Located in Emeryville, the property currently consists of a 250,000-square-foot, six-story life science office building and adjacent developable land parcels. As part of the transaction, Novartis will enter into a one-year leaseback on the existing building. During this time, BioMed Realty will advance redevelopment plans to transform the building into a Class A+, multi-tenant laboratory and office facility with integrated amenities. The asset also offers the potential to develop approximately 850,000 square feet of additional laboratory and office space on the campus through an existing development agreement with the City of Emeryville. This acquisition allows BioMed, an owner of approximately 4 million square feet of life science office space in the Bay Area, to continue capitalizing on the tenant demand in the San Francisco Bay Area.

March 20, 2019

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